NY Real Estate State
New York Real Estate Institute
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REVIEW QUESTIONS FOR NY REAL ESTATE EXAM| 101 questions| with complete solutions
- Exam (elaborations) • 19 pages • 2022
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1-A broker legitimately may pay all or part of Real estate commission to a 
a. seller 
b. salesperson 
c. buyer 
d. friend who provides a listing lead Correct Answer: -B: Salesperson can accept compensation only from their sponsoring broker. 
 
2-The minimum age for a New York real estate broker's license is 
a. 19. 
b. 18. 
c. 20. 
d. 21. Correct Answer: C. As of July 1,2008 to become a broker you must be 20 years old. 
 
3-Which of the following acts would require a real estate license in N...
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NYS REAL ESTATE PRACTICE TEST| 59 questions| with complete solutions
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Which of the following statements about license laws is INCORRECT? Correct Answer: The federal government establish license laws 
 
In New York, an individual may obtain a salesperson license at age: Correct Answer: 18 
 
A salesperson licensee may receive commissions from the: Correct Answer: Employing broker 
 
Which of the following does NOT apply to a salesperson license? It: Correct Answer: Authorizes the salesperson to work in a reciprocal state without broker sponsorship 
 
Which of t...
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NYS Real Estate Exam Questions with Complete Solutions
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Chapter 1 
The section of the New York Real Property Law that applies to salespersons and brokers is... Correct Answer: Article 12-A 
 
Chapter 1 
Brokers who do not separate their business or personal bank accounts from their real estate deposit accounts are guilty of __________________ the funds. Correct Answer: commingling 
 
Chapter 1 
An illegal arrangement in which a seller allows a broker to obtain a fixed amount for a property and allows the broker to keep as commission any money obtai...
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NYS Real Estate Salesperson Exam Questions And Answers All Correct
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How often must you renew your real estate salesperson/broker license? Correct Answer: Every 2 years 
 
What is the purpose of license laws in the real estate industry? Correct Answer: To minimize fraudulent practice and protect the general public 
 
The New York regulatory agency that oversees real estate licensure is the: Correct Answer: Department of State 
 
Most of the law about salespersons and brokers is in which article of the Real Property Law? Correct Answer: Article 12-A 
 
What ar...
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NY real estate express practice exam| 127 questions| with complete solutions
- Exam (elaborations) • 13 pages • 2022
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Sellers market their property using a __________. Correct Answer: listing agreement 
 
When the licensee has a buyer brokerage agreement with a purchaser, he or she must represent the best interests of the ___ rather than the ___. Correct Answer: buyer,seller 
 
In most cases, buyers cannot make a purchase without ____ at least some part of the transaction. Correct Answer: financing 
 
Buyer gets the ____ to the property, seller gets the _____ from the sale, and the broker gets a _____. Corre...
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NY Real Estate Salesperson Exam Complete ( 553 questions) with complete solutions
- Exam (elaborations) • 60 pages • 2022
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The ______ refers to the rights given to the title holder of a particular property. These rights may be limited in certain instances, such as when a title holder fails to pay required property taxes, but in most regards, the title holder is considered the owner of the property. Correct Answer: Right of Possession 
 
The _______ allows the title holder the ability to manage the use of the property in any means deemed legal within the jurisdiction in which the property exists. Entry into an area ...
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NY Real Estate State Exam (Mult Choice) 2022 LATEST
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An agency relationship is determined by: a) the source of compensation b) how well the parties know each other c) agreement between the principal and the agent d) first substantive contract - c) agreement between the principal and the agent Heat from outside air is utilized through a: se conditioner ve solar system pump air return - c) heat pump An automatic renewal clause in a lease is. not allowed on rent-stabilized apartments granted every tenant in a building with four or more units illegal ...
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NYS Real Estate Practice Exam 2022 with COMPLETE SOLUTION
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What agency issues real estate licenses? - The New York State Department of State (NYDOS), Divison of Licensing Services At what age can you become a real estate salesperson? - 18 Do you need experience in the field to become a sales person? - No What is the minimum age to become a real estate broker? - 20 If your license is revoked, how long do you have to wait to re-apply for it? - One year Do you need experience in the field to become a broker? - Yes, at least 2 years of experience and 3200 p...
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NY REAL ESTATE EXAM| 131 QUESTIONS| WITH COMPLETE SOLUTIONS
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associate real estate broker Correct Answer: a licensed real estate broker who may perform the acts of a broker but chooses to work under the name and supervision and license of a licensed broker 
 
real estate broker Correct Answer: any oersons partnership association or corporation who, for another and for compensation of any kind negotiates any form of real eatate transaction. 
 
The New York Department of State Division of Licensing Services Correct Answer: oversees licensure 
 
real esta...
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Bundle for NYS Real Estate Exams | Updated
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Bundle for NYS Real Estate Exams | Updated
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